What is Review Management?
Review Management entails monitoring and collecting the reviews left about your business on review sites such as Google, Facebook, and industry-specific sites.
Part of review management is responding to reviews, resolving customer service issues, and identifying fake reviews for removal.
All businesses with an online presence should have a review management strategy as part of their overall reputation management strategy.
Reputation management is larger than review management in that it also involves social media, listings on Google My Business, search engine optimization as well as review sites.
Why Review Management Matters
Online business reputation represents your brand, and reviews management is how a company maintains a good name. Brand management is dependent on successful online reputation management.
Reputation Management is the key to successful “Transparent Marketing” – the next generation of marketing – where customers find your company due to its great reputation rather than only based on the products and services offered.
Generating Business with Reviews
Further, the way that customers find your company is often through its online customer reviews, the new version of a personal recommendation.
The benefits of Online Reputation Management include increased trust, higher revenue, improve customer satisfaction, reduced risk, liability, and better ROI of marketing costs.
ReviewInc has conducted annual studies on the influence to choose a service with reviews, ratings, and referrals as some of the highest influence. People look to others’ opinion when choosing a company to work with.
In fact, according to Nielsen, 83% of people trust referrals from friends and over 70% trust them more than advertising. In addition, online reviews are the core of online reputation management. The bottom line: customers trust online reviews.
A study from the Harvard Business School found that a one-star rating improvement for a business’ rating increased revenue from 5-9%. Companies with positive and more reviews usually attract more business online.
The way people perceive a brand often has a direct impact on its sales and revenue as more people are reading online reviews than ever as they make purchasing decisions. In addition, a better reputation brings in more business leads.
Improve Customer Satisfaction
When there are negative reviews for your business with an online reputation management system in place, business owners can respond quickly and resolve any conflict swiftly.
Also, customers will feel that their feedback is considered valid by the business, and there is a change coming, if needed. For positive reviews, online reputation management usually amplifies the benefits as it shows that your company cares and provides an elevated customer experience.
Improved ROI for Marketing
When a business has a good reputation, it is often discussed favorably on social media. Positive reviews are also a factor in search engine optimization, which boosts rankings on Google and results in the business ranking higher.
From here, the upward cycle continues as potential customers find the business more quickly with local SEO and high conversion rates due to the value and great service provided. Factoring Reputation Management into a business marketing budget is one of the best investments are business can make.
Some Statistics on the Benefits of Online Reviews Management
Consumers Read Review and Consider Them Important
of consumers read local reviews for businesses in their area
of people formed an opinion after reading 1-6 reviews (Inc, 2017)
Review Management Builds Trust
of customers trust reviews more when they see a mix of good and bad reviews.
After having a positive experience, 77% would consider recommending to a friend.
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